In response to the global restructuring of industry in the 1970s and 1980s, and the increased internationalisation of economic activity, there has been an intensification of the global interurban competition for investment and jobs. Cities now compete for mobile investment, public sector funds, hallmark events such as the Olympic Games and Commonwealth Games, and G8 summits. In addition they compete for, and seek to retain or attract, higher-income and skilled workers to live and/or spend within their jurisdictions (Porter, 1995, 1996; Begg, 1999; van den Berg and Braun, 1999). In the context of the increased inter-urban competition, many Western European and North American cities have adopted pro-growth local economic development policies as a means of securing their economic futures (Kotler et al., 1993; Fainstein, 1994). A key component of such pro-growth economic development strategies has been the formulation, development and promotion of prestige projects (Loftman and Nevin, 1995, 1996). These prestige physical development projects are largely geared at facilitating the physical, economic and cultural restructuring of city centre or downtown areas.